Actually I take that back. I just went through the referenced 'blocked' issue #1282146 and picked out a package that has been crossed out.
All I could really use now is some verification instructions so I can make the required changes and verify the result is what you are expecting.

@petr, thanks for all your assistance with this so far, you've been super helpful :-)
Can you tell me if this is expected behavior?
Say I have python-bitmath-1.2.3-3.fc23.1 installed on my laptop. This is the last update pushed through bodhi before the update we built in this BZ, python-bitmath-1.3.0-2.
Now, the new 1.3.0-2 release has made it's way through testing and is now in F23 stable updates [0]. This package actually yields two sub-packages, python2-bitmath and python3-bitmath.
With the new macros we've added to the spec [1] (specifically the 'provides' ones) users can do a simple 'dnf update python-bitmath' and they will receive the new python2-bitmath package:
> [root@deepfryer ~]# dnf update python-bitmath
> ...
> Package Arch Version Repository Size
> ============================================================================
> Installing:
> python2-bitmath noarch 1.3.0-2.fc23 updates 78 k
> replacing python-bitmath.noarch 1.2.3-3.fc23.1
>
> Transaction Summary
This seems like OK behavior to me. What I'm not sure about now is if the following example is what should be happening:
Say that we don't have 'python-bitmath' installed right now. My, perhaps incorrect, understanding was that the new macros we've added would add some kind of 'obsoletes' hook if a user attempted to install the old version.
Expected behavior:
If python-bitmath-1.2.3-3.fc23.1 isn't installed, and a user runs 'dnf install python-bitmath', they would be prompted to install python2-bitmath-1.3.0-2.fc23 instead (because it should obsolete the old version)
Observed behavior:
'dnf install python-bitmath' prompts the user to install 'python-bitmath-1.2.3-3.fc23.1' instead.
Am I simply wrong about the actual expected behavior and this is working as expected?
[0] https://bodhi.fedoraproject.org/updates/?packages=python-bitmath
[1] http://pkgs.fedoraproject.org/cgit/rpms/python-bitmath.git/tree/python-bitmath.spec